Only Joshua Larson, the former chief operating officer of Morgan Stanley in Moscow, remains, according to a source close to the fundraising.

However, Larson's future has yet to be determined, according to the source. He said: "The problem is not the money. Carlyle has raised $2.2bn to invest across Europe. The question is whether you would want to invest in Russia at the moment."

The instability in the region, compounded by high-profile problems with Yukos, the oil company, has discouraged Europe's buy-out firms from investing in Russia.